Tuesday Challenge 03/19/24
By Jim Bauer
@porwest (78759)
United States
March 19, 2024 9:07am CST
It's another Tuesday and that means Tuesday Challenge time. I just put another $19 into my envelope as today is the 19th.
How it works is on each Tuesday of the month you put in the amount that corresponds with the date on the calendar. If you do this for an entire year, you will have socked away right around $1,000 you can do whatever you want with.
Of course, I always encourage investing it. But it's up to you what you do. Start an emergency fund, go on a little trip, use it to pay for Christmas. It's really up to you.
The idea is really just to get into the habit of saving and look for any way you can to fund your enevlope. Perhaps you are getting close to Tuesday and you only have $23 and you know you need $19. Maybe you skip that Starbucks to make sure you have enough.
My envelope currently has $399 in it. How much is in your envelope?
4 people like this
4 responses
@LindaOHio (156807)
• United States
20 Mar
I had to borrow from my envelope because I don't know where hubs put the other one! lolololol Have a good day.
2 people like this
@lovebuglena (43081)
• Staten Island, New York
19 Mar
I don't really do that. Maybe if I worked I would. Good job on that $399 already in there. What are you going to do with this money? Invest it? Or treat yourself?
1 person likes this
@lovebuglena (43081)
• Staten Island, New York
20 Mar
@porwest Say you owe something on your credit card. You have a savings account with a good amount of funds to pay off the balance. Do you use that savings to pay the card off in one shot and then maybe pay yourself back? Or do you continue to just pay little amounts and pay interest, not wanting to touch your savings?
2 people like this
@TheHorse (206210)
• Walnut Creek, California
20 Mar
@lovebuglena I would pay the credit card off. They charge over 10 per cent interest, I think. Even a good three month CD yields only about 5.3 per cent right now. I try to avoid having ANY outstanding "loans."
1 person likes this
@sweetloveforeve (13106)
• Portugal
19 Mar
That is a great idea 
I only have 7 dollars in my bank account at the moment sadly.
I only have 7 dollars in my bank account at the moment sadly.1 person likes this
@TheHorse (206210)
• Walnut Creek, California
20 Mar
Why not do what you suggest "mentally," by transferring money from a low-yield checking account into a higher-yield savings account. Then, every three months, add whatever cash you need, and buy some CDs at 5 percent. The thought of cash money in an envelope gives me pain. Heh. I even deposit the $40 I might make from a gig, rather than keep it in my wallet.
1 person likes this
@porwest (78759)
• United States
22 Mar
@TheHorse Ugh. Credit cards are the devil. Literally. Especially when people only pay the minimums. People don't understand the cumulative nature of the interest either. If the average time to pay off a charge is 7 years and the interest rate is 20% annually, it means by the time you've paid something off you've actually paid 140%. And that's just the simple math. It is probably more when you compound it.
1 person likes this
